Establishes "New Jersey Higher Education Funding Formula Commission."

This bill establishes the New Jersey Higher Education Funding Formula Commission (A 2574), a 11-member body tasked with reviewing how the state funds higher education. The commission will examine funding models used by other states, gather input from all New Jersey institutions (including medical, law, and graduate schools), and develop a new funding formula recommendation. It must submit a final report with its findings and legislative recommendations to the Governor and relevant legislative committees within six months of its first meeting. The commission will expire 30 days after submitting this report. This bill directly affects all public and private higher education institutions in New Jersey by initiating a formal review of their state funding structure.